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The Euro began to recover as expected against the British Pound after prices put in a bullish Three Inside Up candlestick pattern. Prices are retesting the 23.6% Fibonacci expansion at 0.8287 as support having broken above the barrier last week. A daily close back underneath this level targets recent swing lows at 0.8245 and 0.8230. Alternatively, a renewed push higher sees resistance at 0.8322, the 38.2% Fib, followed by the 50% expansion at 0.8351.

Signs of indecision in the bullish camp following a test of the 0.83 figure argue against trying to chase the pair higher at this point. We will stand aside, monitoring developments for an attractive trade setup.

Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.

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